The wage index 0.02% higher than in the previous month
The wage index in August 2009 is 358.1 points, 0.02% higher than in the previous month. In the last twelve months the monthly wage index has risen by 2.2%.
| Wage Index 2008-2009 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2008 | |||||
| August | 350.4 | 0.5 | 10.2 | 10.4 | 9.1 |
| September | 352.2 | 0.5 | 7.1 | 8.8 | 9.0 |
| October | 353.3 | 0.3 | 5.3 | 7.7 | 8.8 |
| November | 351.3 | -0.6 | 1.0 | 5.5 | 7.8 |
| December | 353.6 | 0.7 | 1.6 | 4.3 | 8.3 |
| Average | 345.0 | . | . | . | 8.1 |
| 2009 | |||||
| January | 355.7 | 0.6 | 2.7 | 4.0 | 7.5 |
| February | 355.7 | 0.0 | 5.1 | 3.0 | 6.7 |
| March | 356.1 | 0.1 | 2.9 | 2.2 | 5.5 |
| April | 355.4 | -0.2 | -0.3 | 1.2 | 4.4 |
| May | 356.0 | 0.2 | 0.3 | 2.7 | 4.1 |
| June | 356.7 | 0.2 | 0.7 | 1.8 | 3.0 |
| July | 358.0 | 0.4 | 3.0 | 1.3 | 2.6 |
| August | 358.1 | 0.0 | 2.4 | 1.4 | 2.2 |
| Wage index are calculated and published according to law no 89/1989. The wage index is based on average for fixed hours earnings each month, calculated and published in the month following calculation. | |||||
Real wages decreased by 0.5% from the previous month
The real wage index in August 2009 is 105.9 points, 0.5% lower than in the previous month. In the last twelve months the real wage index has decreased by 7.8%.
Collective agreements in August
The wage index in august reflects the effects of collective agreements between the Association of Local Authorities, the Minister of Finance, on behalf of the State Treasury and the Federation of State and Municipal Employees (on behalf of its member unions), which was signed in July 2009. The agreements stipulate, i.a. an increase in general wages by a fixed amount from 1 July 2009, 1 November 2009 and 1 June 2010. According to the agreements wages above 180,000 ISK increased by 6,670 ISK from 1 July 2009. Corresponding agreements were made between the public signatories and the Federation of General and Special Workers (on behalf of its member unions).
The wage index in August also reflects the effects of a decision of the Senior Civil Servant Salary Board No. 2009.4.004 from 17 July 2009. The decision stipulates a decrease in wages of directors in Government offices in Iceland by 5-8% from 1 august 2009.